Posted 10 months ago | by Ben Armstrong

Crypto.com Joins Instant Global Payments Network PayID

One of the largest cryptocurrency platforms Crypto.com announced on 18 June 2020 that it joined the Open Payments Coalition, along with over 40 other leading finance and tech companies, and aims to drive open payments globally.

The company will roll out PayID on its platform. By using PayID, users will be given an easy-to-read ID that can work across any payment network to transfer any currency.

This new partnership should allow over 2M users of Crypto.com to be able to send and receive payments across platforms under the same initiative, which connects to over 100M consumers on the world.

Crypto.com has some great tools, such as the MCO Visa card, which lets most people globally use cryptos as cash. We all know that the system is looking a little weak, and maybe it is a good idea to check out other payment systems. If you click this link and sign up, you will get a $50 USD rebate.

Crypto.com Wants to Make it Easy

According to the blog post, Kris Marszalek, the CEO of Crypto.com, said:

“Though the global payments ecosystem has expanded on the promise of simplifying the transfer of money, it has also resulted in siloed, closed, and complex networks that often make sending money more difficult. PayID will help ease these growing pains with a single easy-to-read ID that works on any network, a capability of significant value for cryptocurrency users who often transfer money across multiple platforms and geographies. Crypto.com’s involvement in the Open Payments Coalition allows us to better connect our 2M+ users across more payment platforms worldwide.”

About PayID

The universal payments system PayID is used by over 40 companies, all of whom take a part in the Open Payments Coalition.

PayID is the first step aiming to create an open payments network and solve several pain points that come with transferring money between different platforms, that allow users to trade money without the need of a banking account, routing, or credit card number.

The open-sourced tool supports Crypto.com’s priorities on security and compliance.

Security and privacy protocols on Pay ID are required to be in place by large financial institutions and they allow easy compliance with local and global transaction and sanctions screening laws, including the FATF Travel Rule.

Already Making Things Easier!

The list of the well-known cryptocurrency and blockchain companies have involved in PayID are consisted of BitGo, BitPay, Bitrue, Bitso, Bitstamp, Blockchain.com, Brave, BTC Markets, CipherTrace, Coinone, Crypto.com, Huobi, Independent Reserve, Liquid, Ripple and many more.

PayID is already used widely in Australia, where it was progressively introduced over the last three years.

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